8. Two economists estimate the government taxation multiplier and come up with different results. One estimates the
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8. Two economists estimate the government taxation multiplier and come up with different results. One estimates the multiplier at 0.75, while the other comes up with an estimate of 1.25.
a. What do these different estimates imply about the consequences of government taxation (or transfers)?
b. If the current value of GDP is $20 trillion and the government is planning to make transfers to people of $1 trillion, what is the percentage increase in GDP for each of the two estimates for the multiplier? Assume the entire increase in spending occurs in 1 year.
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